81221, Coal Creek, CO

The Coal Creek, CO 81221 zip code has a population of just over 10,000 people and is located in the eastern part of the state. The median home value in this zip code is $187,900 which is significantly higher than the national median home value of $161,600. The percentage of homes in this zip code that are owner-occupied is significantly higher than the national average of 63%. Additionally, the percentage of homes in this zip code that are occupied by renters is also significantly higher than the national average of 30%. This indicates that there are a significant number of households in this zip code that are able to use their home equity to purchase other assets or pay down debt.

One reason why the home values in this zip code are so high is because there is a significant amount of available housing stock. In fact, according to Zillow, as of January 2019 there were 3,827 houses for sale in Coal Creek which accounted for just under one-third (31%)of all houses for sale in Colorado Springs. This abundance of housing stock has helped to drive up prices across the entire metro area and has made it more difficult for potential buyers to find a house that meets their needs. Additionally, although Coal Creek does have a few areas that have seen some gentrification over recent years (e.g., around downtown), it remains a largely middle-class community overall. This means that there is still room for growth within the market and will likely help to keep prices high over time.

Despite these positive factors, there are some potential risks associated with buying a house in Coal Creek. For example, although wages have been increasing slowly over recent years, they remain relatively low compared to other parts of the country. Additionally, although mortgage rates have remained relatively low throughout most of 2018 and 2019 (although they did spike briefly at the beginning of 2019), they could potentially rise at any time and could make it more difficult for buyers to afford a house if they cannot qualify for an affordable loan. Finally, although Coal Creek does not experience as much crime as some other areas do (e.g., cities near major metropolitan areas), it does have its share (especially near busy roads) which could make it less desirable if you're looking for an safe neighborhood to live in